Circle's Poloniex acquisition - SEC showing signs of cronyism?

Circle's Poloniex acquisition certainly turned some heads on Wall Street - but according to a leaked document from Circle's presentation, the SEC has given Poloniex a free pass for its previous "illegal unregistered securities trading."

Circle’s history of regulatory compliance surely impacted the SEC’s decision to let Poloniex off the hook, but one can’t help but wonder if this is the beginning of a Wall Street style takeover of the crypto-space, wherein relationships forge regulatory forgiveness within a centralized system and the giants of the industry are free to do as they please.